A Guide to Simplifying Employee Benefits – Streamlining Benefits
Employee benefits are a double edged sword. Employees love them, and over half admit that if they lost their employee benefits that they would begin seeking employment elsewhere. But managing employee benefits, from initial enrollment through regular modification, can put a huge amount of strain on your human resource team. And the larger your company, the more complex employee benefits will become. There are a number of great options out there for simplifying employee benefits, and looking through the various options can provide you with some great ideas for streamlining and simplifying each aspect of your benefits packages.
The first step is to take a look at what kind of employee benefits you're offering. While paid leave is the most common benefit offered by employers, the top two employee benefits that employees value are retirement plans and health insurance. Take a look at the options for each of these employee benefits and consider just what you're offering your workers. For example, if your employee benefits package features certain options that nobody is using it may be just as easy to eliminate them. It's one less step for your HR department to deal with. Conversely, be sure that your employees understand the employee benefits that they're being offered so that they can enroll in the employee benefits that suits their needs the best.
It may be worth your time to review your employee benefits package and modify your options. At the very least a brief employee meeting to review employee benefits is a good idea. Most companies have open enrollment once per year, and the weeks leading up to this date are perfect for distributing information to your employees. You can give them links to websites related to their employee benefits or hand out booklets and brochures that adequately explain all of the aspects behind each type of benefit that your company offers.
Next look at the way you manage benefits. Employee benefits management has come a long way over the last few years and today most companies either outsource the majority of their employee benefits related tasks or use software that allows employees to manage their own benefits from their computer, changing plans or enrolling in employee benefits as they see fit. This eliminates a huge burden from the HR department's shoulders and reduces the chance of human error. Unicorn HRO can handle your benefits needs and provide you with software solutions that will simplify the process greatly.
The days of simply implementing a few employee benefits and then forgetting about them are gone. Over thirty percent of employees contribute to their health care costs and over sixty percent are estimated to pay into their retirement accounts annually. Careful employee benefits management is a must to keep your employees happy and morale high. Using a combination of good employee benefits packages, employee benefits management software, and companies that specialize in employee benefits outsourcing such as Unicorn HRO is the best way to simplify each aspect of your employee benefits and ensure that your benefits are all that they can be.